Asset Management

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A3 - Problem Solving

The name “A3” is actually derived from a standard European paper size similar to 11” by 17”. The A3 Report is based upon the Plan, Do, Check, Act (PDCA) Method. The PDCA process is sometimes referred to as the Deming Wheel or Deming Circle. The A3 Report incorporates this basic premise to problem solving and continuous improvement.

Active redundancy

Redundancy wherein all means for performing a required function are intended to operate simultaneously.

Ageing failure

Failure whose probability of occurence increases with the passage of time. This time is independent of the operating time of the item.

Asset

A formally accountable item.

Asset Condition Analysis

A Condition analysis is a systematic approach for determining the remaining life of an asset and the asset cycle costs. The purpose is to objectively rank assets to support the decision of repair, refurbish or replace

Asset Criticality Analysis

A criticality analysis is a systematic approach for determining the relative ranking of assets in a plant or system. The purpose is to objectively rank assets and form a collective agreement and analysis.

Asset information

Asset information is the information that is critical to maintaining assets through a maintenance management system and the information that is critical to efficient supply chain management.

Asset knowledge

Asset knowledge is an organization’s collective know-how and understanding about its asset management system and assets. Asset knowledge have to be available and accessible, otherwise it is only potential knowledge.

Asset Lifecycle Management

Asset Lifecycle Management is the process of optimizing the profit generated by your company assets throughout their lifecycle. Optimizing the asset life cycle from planning, conceptual design, procurement, commission, operation, maintenance until decommissioning, through an integrated approach, including a comprehensive asset portfolio management, will allow to have a more robust decision-making process for new asset introduction or replacement affecting your future capital investment plans.

Asset Management

Asset management is a set of coordinated activities, involving the balancing of costs, opportunities and risks against the desired performance of assets to achieve an organization’s objectives.Asset management is the art and science of making the right decisions and optimizing the delivery of value. A common objective is to minimize the whole life cost of assets but there may be other critical factors such as risk or business continuity to be considered objectively in this decision making.

Asset Management Best Practices

Asset management is a set of coordinated activities, involving the balancing of costs, opportunities and risks against the desired performance of assets to achieve an organization’s objectives.Asset Management Best Practices are the compilation of a group of processes that allow companies to reach world class results.

Autonomous Maintenance

Autonomous maintenance (AM), is the maintenance carried out by operators. Autonomous maintenance allows machine operators to carry out directly simple maintenance works (lubrication, cleaning, inspection, diagnosis) to prevent breakdowns and react faster if a certain failure has been detected.

Availability

Ability of an item to be in a state to perform a required function under given conditions at a given instant of time or during a given time interval, assuming that the required external resources are provided.